Average Costs of Elder Care on the Rise
Let’s face it, long term care costs can be staggering…and costs continue to rise. Planning ahead has never been more important. According to the Genworth 2015 Cost of Care Survey, Assisted Living, Skilled Nursing Care, and Home Care Costs, national averages for long term care costs are as follows:
- Assisted living – Monthly base rate (room and board, two meals per day, housekeeping and personal care assistance) for assisted living care is $43,200 annually, expected to increase annually.
- Skilled Nursing Home – Daily rate for a private room in a nursing home is $250, or $91,250 annually, expected to increase 4% annually.
- Home Care – Hourly rate for home health aides is $21.50, expected to increase 4% annually.
These costs vary significantly by region, so check your local area. As a Michigan elder law attorney, we know more specific data about such costs. According to the Genworth 2015 Cost of Care Survey, costs for long term care at various levels in Grand Rapids, Michigan were as follows:
|Care Level||Minimum||Rate Range Median||Maximum||Five-Year Annual Growth|
|Home Health Aid (hourly rate)||$18||$20||$22||2%|
If you’re concerned about paying for long term care or simply finding a place suitable for a loved one, schedule a consultation with one of our Michigan elder law attorneys. Call 616-365-5055 for a free consultation.